Schwab Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 6.00% Non-Cumulative Perpetual...
April 06 2021 - 04:19PM
Business Wire
The Charles Schwab Corporation (“CSC”) today announced that it
will redeem on June 1, 2021, all of the 600,000 outstanding shares
of its 6.00% Non-Cumulative Perpetual Preferred Stock, Series C
(“Series C Preferred Stock”), and the corresponding 24,000,000
depositary shares (“Depositary Shares”), each representing a 1/40th
interest in a share of the Series C Preferred Stock. The Depositary
Shares are currently traded on the New York Stock Exchange under
the symbol SCHW PrC (CUSIP 808513402). The Depositary Shares will
be redeemed at a redemption price of $25.00 per Depositary
Share.
The redemption price does not include the regular quarterly
dividend that, if declared, will be paid separately in the
customary manner on June 1, 2021 to holders of record on the record
date for such dividend payment.
The Depositary Shares are held in book-entry form through the
Depository Trust Company (“DTC”) and will be redeemed in accordance
with the procedures of DTC. Payment to DTC for the Depositary
Shares will be made by Equiniti Trust Company as redemption agent.
The address for Equiniti Trust Company is 1110 Centre Pointe Curve,
Suite 101, Mendota Heights, Minnesota 55120-1400, Attention:
Corporate Actions.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 31.5 million active brokerage
accounts, 2.1 million corporate retirement plan participants, 1.5
million banking accounts, and $6.9 trillion in client assets as of
February 28, 2021. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, asset management, custody, and financial advisory services
to individual investors and independent investment advisors. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
www.sipc.org), and their affiliates offer a complete range of
investment services and products including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plan and equity compensation plan services; referrals to
independent, fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based
investment advisors through Schwab Advisor Services. Its primary
banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an
Equal Housing Lender), provides banking and lending services and
products. More information is available at www.aboutschwab.com.
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are
separate but affiliated companies and subsidiaries of TD Ameritrade
Holding Corporation. TD Ameritrade Holding Corporation is a wholly
owned subsidiary of The Charles Schwab Corporation. TD Ameritrade
is a trademark jointly owned by TD Ameritrade IP Company, Inc. and
The Toronto-Dominion Bank.
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version on businesswire.com: https://www.businesswire.com/news/home/20210406006098/en/
MEDIA Peter Greenley Charles Schwab Phone: 415-667-0722
INVESTORS/ANALYSTS Jeff Edwards Charles Schwab Phone:
415-667-1524
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